Agora Submits Application For An OCC License

Agora has filed to become a national trust bank.

The stablecoin issuer has officially submitted its application to the OCC (Office of the Comptroller of the Currency) to receive its national trust charter license. The new entity is set to be called Agora National Trust Bank.

Agora is the latest applicant in the U.S. who wants clear federal regulatory oversight. As per the blog written by CEO and Co-founder Nick van Eck, the entity has previously been operating with a Bermuda license and now has set its eyes on the U.S. regime.

"[This] creates a direct, unified relationship with federal regulators. It means the rules we operate under are defined and built for scale. It also means we would offer a comprehensive suite of regulated financial products to US customers under a single federal framework."

Such an update from the stablecoin ecosystem probably won't be the last from the wave of digital asset and fintech companies racing to gain an edge against traditional banks.

Recently, the OCC had released its own Genius Act guidance and consultation period for industry participants. They also gave Bridge and Coinbase a conditional approval for the same national trust charter license.